The ‘average’ Australian household is worth $728,000 according to the Australian Bureau of Statistics (ABS) – not statistically different than the last time it was measured but 9% higher in value.
The ABS measures household wealth based on the value of assets less the value of liabilities.
Not surprisingly, the largest single asset for half of all households is the family home, but more households (80%) have superannuation. Home ownership (with or without a mortgage) is a significant divider between rich and poor households.
- Households that owned their home outright (2.7 million households) had an average net worth of $1.24 million
- Households with a mortgage on their home (3.1 million households) had an average net worth of $790,000, and
- The average net worth for households that rent their home was $160,000.
The gap between rich and poor is also enormous. The richest 20% of households is worth $2.2 million while the lowest 20% is worth $31,000.
Where people live, and the prevailing employment conditions, has a lot to do with their wealth also.
Canberra (and the ACT) is the wealthiest place in Australia by far.
- Each household is worth $929,800, 28% above the national average.
- The average property asset is $602,900.
- The average superannuation asset is $230,100 – 74% more than the national average, and 83% more than those living in South Australia (the state with the least superannuation assets).
Canberra also has one of the best educated workforces and is one of the healthiest communities in the country.
The infographic below illustrates the relative wealth of the inhabitants of each state and territory and the national average in respect of the value of property and superannuation assets, property loans and total net worth.
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